According to report published by Grand View Research, The global titanium dioxide market is expected to reach USD 28.5 billion by 2025.The increasing application scope of the product as specialty coating materials in the automotive industry and photovoltaic systems is slated to drive the growth of the market during the forecast period.

According to a report by Grand View Research, Inc.; the global titanium dioxide (TiO2) market is anticipated to achieve USD 28.5 billion by 2025. TiO2 is a naturally occurring oxide of titanium, which can be extensively used in paints and coatings, automobiles, food coloring, and other such end-use industries. It is obtained from ilmenite, rutile, and anatase. Versatile end-use and increasing demand from coating materials used in photovoltaic system and automotive devices can propel the market over the forecast period (2014 to 2025). In addition, increasing use of the product as a whitening agent in cosmetics and ultraviolet (UV) filter can further boost the market growth.

Increasing demand for anti-corrosive architectural and environment-friendly coatings is one of the major factors driving the market for titanium dioxide. TiO2 has high refractive index, scattering of light, whiteness, opacity, and whiteness, therefore it widely used in paint and coating formulations. It is utilized as a key raw material for manufacturing automotive coatings, anticorrosion coatings, emulsion paints, aircraft coatings, decorative coatings, and marine coatings. This coating is highly compatible with polycarbonate, which can be used as a substitute to metal-based material and glass.

Growing requirement of lightweight vehicles has increased requirement for polycarbonate in the automobile industry. Its UV light resistance properties prevent discoloration of plastics in sunlight. This fact is projected to impel demand for titanium dioxide market over the forecast period. TiO2 is utilized as a dispersive agent with high gloss retention and high chalk resistance in automotive. TiO2 nanoparticles are used in photovoltaic systems such as inorganic solid-state, dye-sensitized, quantum dot-sensitized, perovskite, and polymer-inorganic hybrid solar cells.

Titanium dioxide is used for photovoltaic cell coatings to improve performance of the dye-based cells. Rising demand for clean energy will drive the adoption of TiO2 in photovoltaic cells application in the coming years. However, strict guidelines for product usage due to its carcinogenic properties may hinder the market growth during the forecast period.

The worldwide titanium dioxide (TiO2) market can be segmented on the basis of application and regions. On the basis of applications, the market is fragmented into plastics, paints and coatings, cosmetics, pulp and paper, and others. In 2016, the plastics segment held the largest share of the global market in terms of revenue. The segment and is likely to continue showing significant growth at 9.7% CAGR during the forecast period.

Geographically, the market can be divided into North America, Central and South America, Europe, Asia Pacific, Central & South America (CSA), and Middle East & Africa (MEA). Asia Pacific held the major share of the overall market on account of revenue in 2016. The region is expected to display fastest growth at around 9.6% CAGR from 2016 to 2025. This growth can be attributed to rapid economic development and pace of industrialization in the region. Flourishing automotive and construction activities have increased demand for paints and coatings in the region. This factor may further boost the regional market. Countries like China, Japan, India, Malaysia, Indonesia, South Korea, and Vietnam are anticipated to remain the major contributor in the region.

In 2015, Europe accounted for the second largest share of the overall titanium dioxide market followed by North America. The growth of these regions can be associated with increasing demand from paints and coatings and other such end-user industries. The countries such as Italy, Germany, France, and the UK are some of the major manufacturers of automobiles, therefore driving paints and coating segment in the region.

CSA and MEA are projected to show substantial growth during the forecast period. Brazil is likely to exhibit steady growth due to increasing photovoltaic fittings in the country. Countries such as UAE, Saudi Arabia, and South Africa are expected to create expansion opportunities in the MEA market due to swift development of end-user industries.

Key players operating in the titanium dioxide (TiO2) market include NL Industries, Inc.; Kish Company, Inc.; ARGEX Titanium Inc.; Huntsman Corporation; and Tayca Corporation. Most major manufacturers in the market are investing heavily in research and development (R&D) to discover new and cost-effective manufacturing methods.

Recently, Lomon Billions developed a TiO2 pigment called BILLIONS BLR-895. It is manufactured using the chloride process. The product can be utilized for a wide range of heavy-duty industrial and architectural coatings.

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.